9911796707
TMI Blog2022 (11) TMI 728X X X X Extracts X X X X X X X X Extracts X X X X ..... rly stated that no interest has been paid to the assessee in F.Y. 2007-08 and company did not made any transaction with the assessee in cash except the transaction entered into F.Y. 2007-08. Thus, from the perusal of the records it can be seen that the assessee has not given the evidence related to cash deposits before the AO as well as before the CIT(A) and the explanation by the assessee during the assessment proceedings as well as during the appellate proceedings were inadequate. The ledger account of Excel Health Care Pvt. Ltd. is inadequate to show as to why the cash deposits have been made by the assessee. Hence, the appeal of the assessee is dismissed. - I. T. A. No. 1066/Ahd/2019 - - - Dated:- 11-11-2022 - MS. SUCHITRA KAMBLE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, prayed that the order passed by CIT(A) may please be set aside and addition of Rs. 15,21,580/- may be deleted. 3. The assessee is an individual and as per contention of the Ld. A.R. he derives salary income. The assessee filed return of income on 21.04.2008 declaring his income at Rs. 92,340/-. The assessee deposited cash in his Saving Bank Account as per the AIR information and therefore, the case was re-opened by issuing notice under Section 148 dated 27.03.2015. The assessee did not file his return of income in compliance to the notice under Section 148 of the Act. The assessee filed reply to the notices. During the course of re-assessment proceedings, the Assessing Officer observed that assessee deposited in total 16,63,000/- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. The Ld. A.R. submitted that the CIT(A) has not taken cognizance of the remand report and the cash deposits were from the said unsecured loan shown in the audited balance sheet of the company and the withdrawal of the sale in cash. Thus, the source of the cash deposits as well as the other aspect regarding the cash deposits were explained alongwith evidences and hence the addition may be deleted. 6. The Ld. D.R. submitted that the assessee and the company has active account in Axis Bank and the assessee s claim regarding unsecured loan obtain from friends and relatives is not supported with any evidences as such. 7. The Ld. D.R. relied upon the assessment order and the order of the CIT(A). 8. Heard both the parties and peruse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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